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D Fry Market Outlook 8 12 2006

"Always will we remember the character of the onslaught against us.

No matter how long it may take us to overcome this premeditated invasion, the American people in their righteous might will win through to absolute victory.

I believe I interpret the will of the Congress and of the people when I assert that we will not only defend ourselves to the uttermost, but will make very certain that this form of treachery shall never endanger us again.

Hostilities exist. There is no blinking at the fact that our people, our territory and our interests are in grave danger.

With confidence in our armed forces—with the unbounding determination of our people -- we will gain the inevitable triumph -- so help us God."

Franklin Roosevelt
Address to Congress
December 8, 1941

Since living in Hawaii for 35 years until just recently, December 7th has more meaning to me than perhaps others who may view it more distantly. At one point when our son was taking his six week daily driver's ed classes at the local YMCA in downtown Honolulu; I had to wait there the 90 minutes until he was finished. I decided to spend the time exercising by walking up to Punchbowl Crater wherein is located the beautiful and impressive National Cemetery of the Pacific. Over the six week period I was able to explore and view the many monuments and other historical markers. There were occasional funerals and other ceremonies. [If you ever travel to Honolulu, you must visit it.] I even was able to befriend a local veteran, Mr. Higashi, whose wife was buried there next to the plot awaiting him. He was there almost every day [if he wasn't, I worried] on his hands and knees manicuring their small space with a small mechanical hand trimmer. It was naturally the best groomed and impressive area of the many thousands there. We were able to chat, and it may be that he is now at rest there since that was around 7 years ago. His family had been in the internment camp, and he had fought with the famed 442nd in Europe. All of his peers will soon be joining him at places like this. That was then. One thing's for sure, times and attitudes have changed.

Meanwhile back on Wall Street nothing much took place as investors get defensive while awaiting the employment numbers tomorrow. A stronger than expected showing means bonds should fall in price, the dollar rally and precious metals fall. Is that a lock? No. Stocks? That's a hard call since in the Alice in Wonderland world of Wall Street where up is down and down is up, you just never know how it all will be spun.

So with not too much going on, let's just pause and reflect on this day. My thoughts are with Mr. Higashi and men like him.

Source: David Fry's Daily Market Outlook